6.B.(1)&(2) Staff report 118 N. Main St.

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~. thrre is. in ~iolatiun of the Contract. am a anslcr of anv part of the Property. or anv change in the o~~ncrship or dist-ibution of~the stock of the Developer. or «~ith respect to the identity ofthe parties in control of the Developer or the degree thereof as pro~~idcd in Section \/Ill, and such violation shall not be cured within sixty (6O) days after ~~~ritten demand by the Connnission to the Dr~clopcr_ then the Commission shall have the right to re-enter and take possession of the Property and to terminate and revert in the Comm issionthe c-state comevcd by the Dced to the Developer. The intent of this provision. io!~cther ~~~ith other provisions o1~ the Contract. is that the convevancc of the Property to the De~clopcr shall be made upon, and that the Decd shall contain. a condition subsequent to the effect that the event of any def~3ult l~iilure.violation. or other action or inaction by the De~~cloper specif icd in this paragraph D the De~clopcr~s failure to remedy, end. or abro~~ate such dciault_ failure. violation, ar other action or inaction. ~~~ithin the pcrivd and in the manner stated in such subdivisions. the Commission at its aptiun matt' declare a termination in fa~~or of the Commission of the title. and of all the rights and intcrest in and to the Property conveyed by the Decd to the Dercloper. Wuxi that such title and all lights and interests of the Dc~cloper. and anv assigns or successors in intcrest to and in the Propcrty_ shall revert to the Commission: provided. that such condition subscqucnt and anv reverting of title as a result thereof in the Conunission: shall al~~ avs be subject to and limited by. and shall not detect. render im~ulid. or limit in any ~~°av. (i) the lien of any murtga~~c authorized b~~ the Contract. and (ii) any rights or interests provided in the Contract i~~r the protection of the holders of such nuntaa~es: and ?. shall not apply to individual parts of the Propcrty. if anv, (or in the case of parts leased. the leasehold interest) on ~rhich the const~uctior~ thereon has been completed under the Contract and for ~~~hich a Certificate ofCompletion has been issued as prodded in Section \~. E. Resole of Reacquired Pro~rty: Disposition of Proceeds. l~pon the reverting in the Commission of title to the Property or any part thereof as provided in paragraph D aho~~c. the Commission shall, pursuant to its responsibilities under State law. use its hest efforts to resell the Propcrty or part thereof (subject to such mortgage liens and leasehold interests as set forth in paragraph D ahovel as soon and in such manner as the Commission shall Lind feasible and consistent ~~~ith the objecti~~cs of State la~~ and of the Plan to a qualified and responsible party or parties (as determined by the Commission) ~~~ho will assume the obli~aaticm of making or completing the construction of the Project in its stead or of another project as shall be satisfactory to the Commission and in accordance ~~ith the uses specified for such Property or part thereof in the Plan. l~pon such resale of the Propcrty. the proceeds shall be applied: 12